The economy, which declined last year due to the coronavirus epidemic, is slowly recovering. Employees who have faced disappointment over the pay hike last year may get good news this year. A survey has estimated that more than half of the companies in the country are preparing to increase the salaries of their employees.
According to staffing company Genius Consultants ’10th Hiring, Attrition and Compensation Trend 2021-22′, with this impressive growth rate, the market is expected to be stable, and the companies will also relook at their business continuity strategy along with strengthening the workforce.
This year, the increment scenario seems “welcoming with 59 percent of companies saying that increment is on the cards, which will range between 5-10 percent whereas 20 percent thinks increment will be less than 5 percent and around 21 percent thinks that there will be no pay rise in 2021 too”, as per the study.
The study was conducted online among 1,200 companies during February and March across sectors including banking and finance, construction and engineering, education/teaching/training, FMCG, hospitality, HR solutions, IT, ITES and BPO, logistics, manufacturing, media, oil and gas, pharma and medical, power and energy, real estate, retail, telecom, auto, and ancillary.
The nationwide study further revealed that around 43 percent of the participants have said there are openings for new recruitments while 41 percent have indicated towards replacement hiring.
However, 11 percent of the respondents said there is no hope of fresh hiring, it noted.
The study found that the southern market will lead in terms of new job opportunities with 37 percent hiring, followed by the western zone with 33 percent.
It projected that the companies are re-evaluating in strengthening their workforce with 21 percent saying that they are planning to increase the team strength by more than 15 percent and on other hand around 26 per cent said they will add 10-15 per cent, new employees, to the team.